The Indian Rupee weakened on Monday against the US Dollar and the majority of its most traded peers over renewed worries over the Chinese economy and the continuing strength of the US Dollar.
The Rupee slid 0.6% to 59.645 per Dollar compared to its close of 59.27/28 on Friday. It had hit a record low of 59.9850 last Thursday.
The currency has now fallen for a seventh consecutive week after global investors increased their selling of local bonds and stocks on the prospect of the US Federal Reserve scaling back its monetary easing programme, a move that has boosted the US Dollar.
Since the Federal Reserve announced that it would be scaling back its quantitative easing programme later in the year and ill aim to halt it completely in 2014 foreign investors have withdrawn nearly $5 billion from Indian markets.
India’s Finance Minister P. Chidambaram said that the Reserve Bank of India will take necessary action to prevent the Rupee declining too rapidly.
“We are watching the situation; the RBI will take whatever action it has t take. We have good economic advisors. We will do whatever has to be done… My request is that you should not panic, it’s happening around the world.” He said in regards to the mass selloff of emerging market currencies.
India is struggling with a record current account deficit which widened to around 5% of Gross domestic product.
The Rupee has depreciated by more than 10% since April 30th.
Current Rupee (INR) Exchange Rates
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The Pound Sterling/ Indian Rupee Exchange Rate is currently in the region of: 91.8417 <
The Euro/Indian Rupee Exchange Rate is currently in the region of: 78.3051 <
The US Dollar/Indian Rupee Exchange Rate is currently in the region of: 59.7565
The New Zealand Dollar/Indian Rupee Exchange Rate is currently in the region of: 46.0780<
The Canadian Dollar/Indian Rupee Exchange Rare is currently in the region of: 56.8207 <
(Correct as of 11:40 am GMT)
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